Suspicious Rs 820 Cr Payments Scam In UCO Bank; CBI Conducts Raids In 7 Cities

New Delhi: The Central Bureau of Investigation (CBI) conducted searches at 67 locations in connection with suspicious IMPS (Immediate Payment System) transactions worth Rs 820 crore at UCO Bank.

The searches were carried out across seven cities in Maharashtra and Rajasthan.

More than 8.53 lakh IMPS transactions took place between November 10 and 13 last year in which Rs 820 crore was wrongfully transferred to the accounts of over 41,000 UCO Bank account holders.

“IMPS inward transactions initiated from around 14,600 account holders of seven private banks were wrongfully posted in the accounts of over 41,000 UCO Bank account holders. This resulted in Rs 820 crore being credited to UCO Bank accounts without actual debiting from the originating banks,” India Today quoted a CBI spokesperson as saying.

CBI conducted the searches on people who had received the money and withdrew it, rather than returning it to the bank.

In December, similar searches were carried out at 13 locations against private individuals and UCO Bank officials in Kolkata and Mangaluru.

“During these operations, approximately 130 incriminating documents related to UCO Bank and IDFC, as well as 43 digital devices (including 40 mobile phones, 2 hard disks, and 1 internet dongle) were seized for forensic analysis. Also, 30 suspects were found and examined on the spot,” the CBI official claimed.

A case was registered on November 21, based on a complaint from UCO Bank.